China and Brazil signs $7 billion trade and investment deals

China and Brazil have agreed on multi-billion-dollar trade and investment deal, including on the development of oil projects.

Chinese Prime Minister Li Keqiang and Brazilian President Dilma Rousseff on Tuesday signed the agreements, which are part of a USD 50-billion Chinese investment package, including finance and cooperation deals worth USD 7 billion for Brazil’s state-owned oil giant Petrobras.

According to Brazilian government sources, aside from the Petrobras deal, the two sides also signed a range of accords aimed at increasing bilateral cooperation on trade, investment, agriculture, energy, and transport.

The Petrobras deal follows a USD 3.5 billion financing deal signed earlier this year with the China Investment Bank.

The recent developments come days after Beijing signed agreements worth USD 25 billion and USD 22 billion respectively with Russia and India, which are two of Beijing’s fellow BRICS members. The bloc also includes Brazil and South Africa.